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The rules of the new game of sovereign bond default are gradually being written. Over the past year, the governments of the rich world have begun to send a clear message to countries in trouble: don’t expect your IMF and bilateral government loans to be rolled over while you continue to service international bonds.
The result has been the birth of a new type of sovereign debt restructuring. After decades in which no sovereign Eurobond ever defaulted, international bondholders are being dragged into national debt crises. |
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